Nedbank has reached a number of milestones in a few short months, exceeding R1-billion in transactional value being processed via the Nedbank app, with no incidents of fraud.
This is a significant achievement in the current area of online fraud. The Nedbank App Suite is the only banking app in South Africa to leverages Ecert technology.
The App Suite activation process links a physical device to banking credentials. This means that even if a SIM swap occurs, at no point is the App Suite compromised. The registered devices are the only authorised devices able to access the banking capability on the App and can do so over any data connection without the reliance of a SIM card.
Retail banking transaction values conducted through the app have grown by 200% month-on-month with volumes increasing over 140% month-on-month. The increase in transaction value and volume indicates a growing confidence in the digital channel and points to a shift in banking behaviour, as clients enjoy the benefits of convenient, secure banking on-the-move.
The increasing value of transactions carried out by Retail and Business Banking clients demonstrates a growing confidence in Nedbank’s digital security. The largest single payment made via the Nedbank App Suite by an individual is R1,6-million with a Business Banking payment of R140-million being successfully concluded.
The Nedbank App Suite is also the first banking app to offer online share trading in South Africa and a similar level of confidence is demonstrated by Nedbank Private Wealth users of the app with a single transaction to the value of R1,5-million being executed.
“The Nedbank App has been very well received by our client base, and we look forward to rolling out further enhancement during the course of the year,” adds Donald Rogan, MD, Nedgroup Private Wealth Stockbroking.
Nedbank’s online personal financial management tool, MyFinancialLife, launched in September 2012, continues to gain momentum with over 10 000 registered users aggregating over 50 000 accounts whose assets and liabilities equate to over R16-billion in its first three months.
Managing executive of Client Engagement, Anton de Wet, explains that the launch of MyFinancialLife, illustrates Nedbank’s ongoing commitment to more easily enable the South African population in building financial fitness and instilling a savings culture.
He adds that the growing uptake of MyFinancialLife from Nedbank and non-Nedbank clients indicates the growing shift in many people who recognise the importance of building financial fitness.
“Through engaging with our clients, we have come to understand that consumers are looking for easy and convenient ways to manage their finances. There is no better time than starting a New Year being empowered to build your financial fitness.”
